The effect of cultural distance between an analyst and a CEO on analysts’ earnings forecast performance
研究了分析师与CEO之间的文化距离如何影响盈利预测准确性，发现文化距离越大，预测误差越大，且该效应主要由文化差异而非信任或共同语言驱动。
We examine how cultural distance between an analyst and a CEO is associated with earnings forecast performance. Using a sample of 283,062 analyst-firm-year earnings forecasts over the period 1992–2016, we find that greater cultural distance is associated with greater forecast error. This finding is robust to the use of alternative culture frameworks. We further document that our result is mainly driven by a culture effect rather than bilateral trust or a shared common language.